A newbie's plan

[Anonymous]

I would like advise, tips on my plan from you fine people.

Income : Around $42-$46k (At same job for the past 5 years - full time)

$36k garanteed and the rest are bonuses. The past 3 years i've average $8k in bonuses.

Scores: TU 687 - EQ 655 - EX 669

I have a recent collection (11/08) (that's actually not mine) for $140. I probably should just pay it off

and not go to hassle of disputing it.

Debit: BOA Visa ($1600), Best Buy Card ($1950) and Ikea Card ($140)

Will have them paid off by end of year if not sooner.

Location: Carrollton, Texas

I'll be looking for single family house (2-4 units) for purchase of around $80-$110k as of now.

Saving: After i have my EF fully funded ($6k) i will start on saving for down payment.

I'm hoping to save around $15-20k by end of 2010.

[Anonymous]

Do NOT pay off that collection! It will stay on your reports. You really need to dispute, especially since it is not yours.

[john398]

when you say 2-4 units do you mean buying 2-4 homes?

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@Anonymous wrote:

I would like advise, tips on my plan from you fine people.

Income : Around $42-$46k (At same job for the past 5 years - full time)

$36k garanteed and the rest are bonuses. The past 3 years i've average $8k in bonuses.

Scores: TU 687 - EQ 655 - EX 669

I have a recent collection (11/08) (that's actually not mine) for $140. I probably should just pay it off

and not go to hassle of disputing it.

Debit: BOA Visa ($1600), Best Buy Card ($1950) and Ikea Card ($140)

Will have them paid off by end of year if not sooner.

Location: Carrollton, Texas

I'll be looking for single family house (2-4 units) for purchase of around $80-$110k as of now.

Saving: After i have my EF fully funded ($6k) i will start on saving for down payment.

I'm hoping to save around $15-20k by end of 2010.

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[Anonymous]

Sorry, i meant 2 to 4 rooms.

[Anonymous]

how do i go by disputing it?

[john398]

Oh your probably fine, but just comparuing you to me, and I am in Dallas, and building in Rockwall county and my loan is going underwriting next week with a close date around mid April

If you want to go FHA that is, conventional you may have issues

edit, thats as far as scores, Im not sure on income to debt ratio

Message Edited by john398 on 02-25-2009 02:22 PM

[WannaHouse]

Actually, if that is a new debt, it will need to be taken care of one way or another. There are several options, but that will be covered alot better in the rebuilding your credit forum. Take care of it ASAP so when it comes time to buy, it won't haunt you.